United States: Dramatic markets make for a year of big winners and losers

Wed Apr 16, 2008

Michelle Celarier, editor, Absolute Return

From the billions of dollars hedge funds made
shorting sub-prime to the billions lost in the quant meltdown,
2007 was a year of extremes for the US hedge fund industry.

The year started on an ebullient note, and nowhere was this
more evident than in the overwhelming success of the first
initial public offering of an alternative asset management
company, Fortress Investment Group, which had about $30 billion
in both private equity and hedge fund assets at the time.

When Fortress went public on 9 February, its stock was
valued far higher than any other publicly traded asset
management company had ever been, given the hedge fund mystique
and the unique nature of the deal. The offering was many times
oversubscribed, and after being listed at $18.50, the stock
burst out of the gate at $35, somewhat reminiscent of the IPO
performance of internet stocks...

ISSN: 2151-1845 / CDC10004H

TAKE A FREE TRIAL

This content is only available to HedgeFund Intelligence active subscribers and trialists.

This website is for information purposes only. It is not investment advice and any mention of a fund
is in no way an offer to sell or a solicitation to buy the fund. Any information on this website should
not be the basis of an investment decision. HedgeFund Intelligence does not guarantee and takes
no responsibility for the accuracy of the information or the data contained throughout. Users should
not circulate information to members of the public, as content may not be eligible or suitable for
general sale in some countries. Copyright is owned by Euromoney Global Limited and any unauthorised
copying, distribution, selling or lending of this document is prohibited.